German parliament approves bailout extension, concerns remain

• Friday German parliament has approved the Greek extension with staggering 542 members voting for the deal. Despite so, dissenters started appearing even if in small numbers. 29 of the dissenters were within Angela Merkel's own Christian Democratic Union.

• The lawmakers supported the deal, but recent survey shows the trustworthiness of the Greeks has reduced sharply among the German public. Only 21 percent supporting new agreements with the Greeks.

• Athens in recent talks has indicated that it will be hard for Greece to pay back the IMF & ECB loans without further assistance. € 1.6 billion is due to IMF this month whereas € 6.7 billion is due to ECB in July and August.

• Greece has also requested to increase the limit for short term borrowings which currently stand at € 15 billion. We might see an extension in this front over the coming weeks.

• Euro group weighing the different options on Greece has already sent another clearer message to Athens that it would need to continue with the reforms agreed in the original €172 billion bailout.

Greek drama is expected to continue and remain over the headlines as the final or new agreements are yet to be formalized. Euro which is currently trading 1.119 is expected to remain under pressure by the situation.